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Kors’ Q4 Beats Estimates; More Acquisitions Contemplated

Kors’ Q4 Beats Estimates; More Acquisitions Contemplated

Kors’ Q4 Beats Estimates; More Acquisitions Contemplated
May 30
11:55 2018
Booking.com



Michael Kors Holdings Ltd. swung to the black for its fourth-quarter earnings results, and easily beat Wall Street’s consensus estimates.
For the three months ended March 31, net income was $44.1 million, or 29 cents a diluted share, from a net loss of $26.8 million, or 17 cents, a year ago. On adjusted basis, diluted EPS was 63 cents. Total revenues rose 10.8 percent to $1.18 billion from $1.06 billion. Comparable sales rose 2.3 percent, boosted by strong consumer response in the accessories, footwear, ready-to-wear and men’s categories. In the quarter, retail revenues at Michael Kors rose 4.4 percent to $600.6 million, while wholesale revenues decreased 3.2 percent to $441.3 million. Licensing revenues declined 11.1 percent to $29.7 million.
Wall Street was expecting diluted EPS of 60 cents on revenues of $1.15 billion.
John d. Idol, chairman and chief executive officer, said, “Fiscal 2018 was an exciting year for our company as we established a foundation to support long-term growth. We created a global fashion luxury group with the acquisition of Jimmy Choo and completed the first year of our Runway 2020 strategic plan for the Michael Kors brand, ending the year significantly ahead of our expectations.”
Idol added that the company has a

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